Appointment of Paying Agents. The Paying Agent shall initially be the Property Trustee. The Paying Agent shall make Distributions to Holders from the Payment Account and shall report the amounts of such Distributions to the Property Trustee and the Administrative Trustees. Any Paying Agent shall have the revocable power to withdraw funds from the Payment Account solely for the purpose of making the Distributions referred to above. The Administrative Trustees may revoke such power and remove the Paying Agent in their sole discretion. Any Person acting as Paying Agent shall be permitted to resign as Paying Agent upon thirty (30) days’ written notice to the Administrative Trustees and the Property Trustee. If the Property Trustee shall no longer be the Paying Agent or a successor Paying Agent shall resign or its authority to act be revoked, the Administrative Trustees shall appoint a successor (which shall be a bank or trust company) to act as Paying Agent. Such successor Paying Agent appointed by the Administrative Trustees shall execute and deliver to the Trustees an instrument in which such successor Paying Agent shall agree with the Trustees that as Paying Agent, such successor Paying Agent will hold all sums, if any, held by it for payment to the Holders in trust for the benefit of the Holders entitled thereto until such sums shall be paid to such Holders. The Paying Agent shall return all unclaimed funds to the Property Trustee and upon removal of a Paying Agent such Paying Agent shall also return all funds in its possession to the Property Trustee. The provisions of Article VIII shall apply to the Property Trustee also in its role as Paying Agent, for so long as the Property Trustee shall act as Paying Agent and, to the extent applicable, to any other Paying Agent appointed hereunder. Any reference in this Trust Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise.
Appears in 53 contracts
Samples: Trust Agreement (Entegra Financial Corp.), Trust Agreement (Capstead Mortgage Corp), Trust Agreement (Huntington Bancshares Inc/Md)
Appointment of Paying Agents. The Paying Agent shall initially be the Property Trustee. The Paying Agent shall make Distributions to Holders from the Payment Account and shall report the amounts of such Distributions to the Property Trustee and the Administrative Trustees. Any Paying Agent shall have the revocable power to withdraw funds from the Payment Account solely for the purpose of making the Distributions referred to above. The Administrative Trustees may revoke such power and remove the Paying Agent in their sole discretion. Any Person acting as Paying Agent shall be permitted to resign as Paying Agent upon thirty (30) days’ ' written notice to the Administrative Trustees and the Property Trustee. If the Property Trustee shall no longer be the Paying Agent or a successor Paying Agent shall resign or its authority to act be revoked, the Administrative Trustees shall appoint a successor (which shall be a bank or trust company) to act as Paying Agent. Such successor Paying Agent appointed by the Administrative Trustees shall execute and deliver to the Trustees an instrument in which such successor Paying Agent shall agree with the Trustees that as Paying Agent, such successor Paying Agent will hold all sums, if any, held by it for payment to the Holders in trust for the benefit of the Holders entitled thereto until such sums shall be paid to such Holders. The Paying Agent shall return all unclaimed funds to the Property Trustee and upon removal of a Paying Agent such Paying Agent shall also return all funds in its possession to the Property Trustee. The provisions of Article VIII shall apply to the Property Trustee also in its role as Paying Agent, for so long as the Property Trustee shall act as Paying Agent and, to the extent applicable, to any other Paying Agent appointed hereunder. Any reference in this Trust Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise.
Appears in 42 contracts
Samples: Trust Agreement (Stifel Financial Corp), Trust Agreement (Hersha Hospitality Trust), Trust Agreement (Northstar Realty)
Appointment of Paying Agents. The Property Trustee is appointed as the initial Paying Agent shall initially be the Property Trusteeand hereby accepts such appointment. The Paying Agent shall make Distributions to Holders from the Payment Account and shall report the amounts of such Distributions to the Property Trustee and the Administrative Trustees. Any Paying Agent shall have the revocable power to withdraw funds from the Payment Account solely for the purpose of making the Distributions referred to above. The Administrative Trustees may revoke such power and remove the Paying Agent in their sole discretion. Any Person acting as Paying Agent shall be permitted to resign as Paying Agent upon thirty (30) days’ written notice to the Administrative Trustees and the Property Trustee. If the Property Trustee shall no longer be the Paying Agent or a successor Paying Agent shall resign or its authority to act be revoked, the Administrative Trustees shall appoint a successor (which shall be a bank or trust company) to act as Paying Agent. Such successor Paying Agent appointed by the Administrative Trustees shall execute and deliver to the Trustees an instrument in which such successor Paying Agent shall agree with the Trustees that as Paying Agent, such successor Paying Agent will hold all sums, if any, held by it for payment to the Holders in trust for the benefit of the Holders entitled thereto until such sums shall be paid to such Holders. The Paying Agent shall return all unclaimed funds to the Property Trustee and upon removal of a Paying Agent such Paying Agent shall also return all funds in its possession to the Property Trustee. The provisions of Article VIII shall apply to the Property Trustee also in its role as Paying Agent, for so long as the Property Trustee shall act as Paying Agent and, to the extent applicable, to any other Paying Agent appointed hereunder. Any reference in this Trust Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise.
Appears in 37 contracts
Samples: Trust Agreement (Paragon Commercial CORP), Trust Agreement (Wilshire Bancorp Inc), Trust Agreement (First Acceptance Corp /De/)
Appointment of Paying Agents. The Property Trustee is appointed as the initial Paying Agent shall initially be the Property Trusteeand hereby accepts such appointment. The Paying Agent shall make Distributions to Holders from the Payment Account and shall report the amounts of such Distributions to the Property Trustee and the Administrative Trustees. Any Paying Agent shall have the revocable power to withdraw funds from the Payment Account solely for the purpose of making the Distributions referred to above. The Administrative Trustees may revoke such power and remove the Paying Agent in their sole discretion. Any Person acting as Paying Agent shall be permitted to resign as Paying Agent upon thirty (30) days’ ' written notice to the Administrative Trustees and the Property Trustee. If the Property Trustee shall no longer be the Paying Agent or a successor Paying Agent shall resign or its authority to act be revoked, the Administrative Trustees shall appoint a successor (which shall be a bank or trust company) to act as Paying Agent. Such successor Paying Agent appointed by the Administrative Trustees shall execute and deliver to the Trustees an instrument in which such successor Paying Agent shall agree with the Trustees that as Paying Agent, such successor Paying Agent will hold all sums, if any, held by it for payment to the Holders in trust for the benefit of the Holders entitled thereto until such sums shall be paid to such Holders. The Paying Agent shall return all unclaimed funds to the Property Trustee and upon removal of a Paying Agent such Paying Agent shall also return all funds in its possession to the Property Trustee. The provisions of Article VIII shall apply to the Property Trustee also in its role as Paying Agent, for so long as the Property Trustee shall act as Paying Agent and, to the extent applicable, to any other Paying Agent appointed hereunder. Any reference in this Trust Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise.
Appears in 15 contracts
Samples: Trust Agreement (Stifel Financial Corp), Trust Agreement (MortgageIT Holdings, Inc.), Trust Agreement (Meadowbrook Insurance Group Inc)
Appointment of Paying Agents. The Paying Agent shall initially be the Property Trustee. The Paying Agent or Agents shall make Distributions to Holders from the Payment Account and shall report the amounts of such Distributions to the Property Trustee and the Administrative Trustees. Any Paying Agent shall have the revocable power to withdraw funds from the Payment Account solely for the purpose of making the Distributions referred to above. The Administrative Trustees may revoke such power and remove the Paying Agent in their its sole discretion. The Paying Agent shall initially be the Bank and any co-paying agent chosen by the Property Trustee and acceptable to the Administrative Trustees and the Depositor. Any Person acting as Paying Agent shall be permitted to resign as Paying Agent upon thirty (30) 30 days’ ' written notice to the Administrative Trustees and the Property Trustee. If the Property Trustee Bank shall no longer be the Paying Agent or a successor Paying Agent shall resign or its authority to act be revoked, the Administrative Trustees shall appoint a successor (which shall be a bank or trust company) that is reasonably acceptable to the Depositor to act as Paying Agent. Such successor Paying Agent appointed by the Administrative Trustees or any additional Paying Agent shall execute and deliver to the Issuer Trustees an instrument in which such successor Paying Agent or additional Paying Agent shall agree with the Issuer Trustees that as Paying Agent, such successor Paying Agent or additional Paying Agent will hold all sums, if any, held by it for payment to the Holders in trust for the benefit of the Holders entitled thereto until such sums shall be paid to such Holders. The Paying Agent shall return all unclaimed funds to the Property Trustee and upon removal of a Paying Agent such Paying Agent shall also return all funds in its possession to the Property Trustee. The provisions of Article VIII Sections 8.1, 8.3 and 8.6 herein shall apply to the Property Trustee Bank also in its role as Paying Agent, for so long as the Property Trustee Bank shall act as Paying Agent and, to the extent applicable, to any other Paying Agent paying agent appointed hereunder. Any reference in this Trust Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise.
Appears in 7 contracts
Samples: Trust Agreement (Colonial Capital Ii), Trust Agreement (First Hawaiian Capital I), Trust Agreement (Colonial Bancgroup Inc)
Appointment of Paying Agents. The Property Trustee is hereby appointed as the initial Paying Agent shall initially be and the Property TrusteeTrustee hereby accepts such appointment. The Paying Agent shall make Distributions to Holders from the Payment Account and shall report the amounts of such Distributions to the Property Trustee and the Administrative Trustees. Any Paying Agent shall have the revocable power to withdraw funds from the Payment Account solely for the purpose of making the Distributions referred to above. The Administrative Trustees may revoke such power and remove the Paying Agent in their sole discretion. Any Person acting as Paying Agent shall be permitted to resign as Paying Agent upon thirty (30) days’ written notice to the Administrative Trustees and the Property Trustee. If the Property Trustee shall no longer be the Paying Agent or a successor Paying Agent shall resign or its authority to act be revoked, the Administrative Trustees shall appoint a successor (which shall be a bank or trust company) to act as Paying Agent. Such successor Paying Agent appointed by the Administrative Trustees shall execute and deliver to the Trustees an instrument in which such successor Paying Agent shall agree with the Trustees that as Paying Agent, such successor Paying Agent will hold all sums, if any, held by it for payment to the Holders in trust for the benefit of the Holders entitled thereto until such sums shall be paid to such Holders. The Paying Agent shall return all unclaimed funds to the Property Trustee and upon removal of a Paying Agent such Paying Agent shall also return all funds in its possession to the Property Trustee. The provisions of Article VIII shall apply to the Property Trustee also in its role as Paying Agent, for so long as the Property Trustee shall act as Paying Agent and, to the extent applicable, to any other Paying Agent appointed hereunder. Any reference in this Trust Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise.
Appears in 6 contracts
Samples: Trust Agreement (Novastar Financial Inc), Trust Agreement (New Century Financial Corp), Trust Agreement (Plains Capital Corp)
Appointment of Paying Agents. The Paying Agent shall initially be the Property Trustee. The Paying Agent shall make Distributions to Holders from the Payment Account and shall report the amounts of such Distributions to the Property Trustee and the Administrative Trustees. Any Paying Agent shall have the revocable power to withdraw funds from the Payment Account solely for the purpose of making the Distributions referred to above. The Administrative Trustees may revoke such power and remove the Paying Agent in their sole discretion. Any Person acting as Paying Agent shall be permitted to resign as Paying Agent upon thirty (30) days’ written notice to the Administrative Trustees and the Property Trustee. If the Property Trustee shall no longer be the Paying Agent or a successor Paying Agent shall resign or its authority to act be revoked, the Administrative Trustees shall appoint a successor (which shall be a bank or trust company) to act as Paying Agent. Such successor Paying Agent appointed by the Administrative Trustees shall execute and deliver to the Trustees an instrument in which such successor Paying Agent shall agree with the Trustees that as Paying Agent, such successor Paying Agent will hold all sums, if any, held by it for payment to the Holders in trust for the benefit of the Holders entitled thereto until such sums shall be paid to such Holders. The Paying Agent shall return all unclaimed funds to the Property Trustee and upon removal of a Paying Agent such Paying Agent shall also return all funds in its possession to the Property Trustee. The provisions of Article VIII shall apply to the Property Trustee also in its role as Paying Agent, for so long as the Property Trustee shall act as Paying Agent and, to the extent applicable, to any other Paying Agent appointed hereunder. Any reference in this Trust Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise. For the avoidance of doubt, the Company shall not be permitted to appoint itself or any Affiliate as a Paying Agent hereunder.
Appears in 4 contracts
Samples: Trust Agreement (Desert Capital Reit Inc), Trust Agreement (Capital Trust Inc), Trust Agreement (Desert Capital Reit Inc)
Appointment of Paying Agents. The Paying Agent shall initially be the Property Trustee. The Paying Agent or Agents shall make Distributions to Holders from the Payment Account and shall report the amounts of such Distributions to the Property Trustee and the Administrative Trustees. Any Paying Agent shall have the revocable power to withdraw funds from the Payment Account solely for the purpose of making the Distributions referred to above. The Administrative Trustees may revoke such power and remove the Paying Agent in their sole discretion. The Paying Agent shall initially be The Bank of New York. Any Person acting as Paying Agent shall be permitted to resign as Paying Agent upon thirty (30) 30 days’ ' written notice to the Administrative Trustees and the Property Trustee. If the Property Trustee The Bank of New York shall no longer be the Paying Agent or a successor Paying Agent shall resign or its authority to act be revoked, the Administrative Trustees shall appoint a successor (which shall be a bank or trust company) that is reasonably acceptable to the Depositor to act as Paying Agent. Such successor Paying Agent or any additional Paying Agent appointed by the Administrative Trustees shall execute and deliver to the Issuer Trustees an instrument in which such successor Paying Agent or additional Paying Agent shall agree with the Issuer Trustees that as Paying Agent, such successor Paying Agent or additional Paying Agent will hold all sums, if any, held by it for payment to the Holders in trust for the benefit of the Holders entitled thereto until such sums shall be paid to such Holders. The Paying Agent shall return all unclaimed funds to the Property Trustee and upon removal of a Paying Agent such Paying Agent shall also return all funds in its possession to the Property Trustee. The provisions of Article VIII Sections 8.1, 8.3 and 8.6 herein shall apply to the Property Trustee Bank also in its role as Paying Agent, for so long as the Property Trustee The Bank of New York shall act as Paying Agent and, to the extent applicable, to any other Paying Agent paying agent appointed hereunder. Any reference in this Trust Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise.
Appears in 4 contracts
Samples: Trust Agreement (Bny Capital Vii), Trust Agreement (Bank of New York Co Inc), Trust Agreement (Bank of New York Co Inc)
Appointment of Paying Agents. The Paying Agent shall initially be the Property Trustee. The Paying Agent or Agents shall make Distributions to Holders from the Payment Account and shall report the amounts of such Distributions to the Property Trustee and the Administrative Trustees. Any Paying Agent shall have the revocable power to withdraw funds from the Payment Account solely for the purpose of making the Distributions referred to above. The Administrative Trustees may revoke such power and remove the Paying Agent in their sole discretion. The Paying Agent shall initially be the Property Trustee. Any Person acting as Paying Agent shall be permitted to resign as Paying Agent upon thirty (30) 30 days’ ' written notice to the Administrative Trustees and the Property Trustee. If the Property Trustee shall no longer be the Paying Agent or a successor Paying Agent shall resign or its authority to act be revoked, the Administrative Trustees shall appoint a successor (which shall be a bank or trust company) that is reasonably acceptable to the Depositor to act as Paying Agent. Such successor Paying Agent or any additional Paying Agent appointed by the Administrative Trustees shall execute and deliver to the Issuer Trustees an instrument in which such successor Paying Agent or additional Paying Agent shall agree with the Issuer Trustees that as Paying Agent, such successor Paying Agent or additional Paying Agent will hold all sums, if any, held by it for payment to the Holders in trust for the benefit of the Holders entitled thereto until such sums shall be paid to such Holders. The Paying Agent shall return all unclaimed funds to the Property Trustee and upon removal of a Paying Agent such Paying Agent shall also return all funds in its possession to the Property Trustee. The provisions of Article VIII Sections 8.1, 8.3 and 8.6 herein shall apply to the Property Trustee also in its role as Paying Agent, for so long as the Property Trustee State Street Bank and Trust Company shall act as Paying Agent and, to the extent applicable, to any other Paying Agent appointed hereunder. Any reference in this Trust Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise.
Appears in 3 contracts
Samples: Trust Agreement (Seacoast Financial Services Corp), Trust Agreement (Seacoast Financial Services Corp), Trust Agreement (Seacoast Financial Services Corp)
Appointment of Paying Agents. The Paying Agent shall initially be the Property Trustee. The Paying Agent shall make Distributions distributions to Holders the Certificateholder from the Payment Certificate Distribution Account pursuant to Section 5.02 and shall report the amounts of such Distributions distributions to the Property Trustee and the Administrative TrusteesOwner Trustee. Any Paying Agent shall have the revocable power to withdraw funds from the Payment Certificate Distribution Account solely for the purpose of making the Distributions distributions referred to above. The Administrative Trustees Owner Trustee may revoke such power and remove the Paying Agent if the Owner Trustee determines in their its sole discretion. Any Person acting as discretion that the Paying Agent shall have failed to perform its obligations under this Agreement in any material respect. The Paying Agent shall initially be JPMorgan Chase Bank, and any co-paying agent chosen by JPMorgan Chase Bank, and acceptable to the Owner Trustee. JPMorgan Chase Bank shall be permitted to resign as Paying Agent upon thirty (30) 30 days’ ' written notice to the Administrative Trustees and the Property Owner Trustee. If In the Property Trustee event that JPMorgan Chase Bank shall no longer be the Paying Agent or a successor Paying Agent shall resign or its authority to act be revokedAgent, the Administrative Trustees Owner Trustee shall appoint a successor to act as Paying Agent (which shall be a bank or trust company) to act as ). The Owner Trustee shall cause such successor Paying Agent. Such successor Agent or any additional Paying Agent appointed by the Administrative Trustees shall Owner Trustee to execute and deliver to the Trustees Owner Trustee an instrument in which such successor Paying Agent or additional Paying Agent shall agree with the Trustees Owner Trustee that as Paying Agent, such successor Paying Agent or additional Paying Agent will hold all sums, if any, held by it for payment to the Holders Certificateholder in trust for the benefit of the Holders Certificateholder entitled thereto until such sums shall be paid to such Holdersthe Certificateholder. The Paying Agent shall return all unclaimed funds to the Property Owner Trustee and upon removal of a Paying Agent such Paying Agent shall also return all funds in its possession to the Property Owner Trustee. The provisions of Article VIII Sections 7.01, 7.03, 7.04 and 8.01 shall apply to the Property Owner Trustee also in its role as Paying Agent, for so long as the Property Owner Trustee shall act as Paying Agent and, to the extent applicable, to any other Paying Agent paying agent appointed hereunder. Any reference in this Trust Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise.
Appears in 3 contracts
Samples: Trust Agreement (Caterpillar Financial Funding Corp), Trust Agreement (Caterpillar Financial Asset Trust 2004-A), Trust Agreement (Caterpillar Financial Funding Corp)
Appointment of Paying Agents. The Paying Agent shall initially be the Property Trustee. The Paying Agent shall make Distributions to Holders from the Payment Account and shall report the amounts of such Distributions to the Property Trustee and the Administrative Trustees. Any Paying Agent shall have the revocable power to withdraw funds from the Payment Account solely for the purpose of making the Distributions referred to above. The Administrative Trustees may revoke such power and remove the Paying Agent in their sole discretion. Any Person acting as Paying Agent shall be permitted to resign as Paying Agent upon thirty (30) days’ written notice to the Administrative Trustees and the Property Trustee. If the Property Trustee shall no longer be the Paying Agent or a successor Paying Agent shall resign or its authority to act be revoked, the Administrative Trustees shall appoint a successor (which shall be a bank or trust company) to act as Paying Agent. Such successor Paying Agent appointed by the Administrative Trustees shall execute and deliver to the Trustees an instrument in which such successor Paying Agent shall agree with the Trustees that as Paying Agent, such successor Paying Agent will hold all sums, if any, held by it for payment to the Holders in trust for the benefit of the Holders entitled thereto until such sums shall be paid to such Holders. The Paying Agent shall return all unclaimed funds to the Property Trustee and upon removal of a Paying Agent such Paying Agent shall also return all funds in its possession to the Property Trustee. The provisions of Article VIII shall apply to the Property Trustee also in its role as Paying Agent, for so long as the Property Trustee shall act as Paying Agent and, to the extent applicable, to any other Paying Agent appointed hereunder. Any reference in this Trust Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise. For the avoidance of doubt, the Depositor shall not be permitted to appoint itself or any Affiliate as a Paying Agent hereunder.
Appears in 3 contracts
Samples: Trust Agreement (Redwood Trust Inc), Trust Agreement (Vestin Realty Mortgage II, Inc), Trust Agreement (Morgans Hotel Group Co.)
Appointment of Paying Agents. The Property Trustee is appointed as the initial Paying Agent shall initially be the Property Trusteeand hereby accepts such appointment. The Paying Agent shall make Distributions to Holders from the Payment Account and shall report the amounts of such Distributions to the Property Trustee and the Administrative Trustees. Any Paying Agent shall have the revocable power to withdraw funds from the Payment Account solely for the purpose of making the Distributions referred to above. The Administrative Trustees may revoke such power and remove the Paying Agent in their sole discretion. Any Person acting as Paying Agent shall be permitted to resign as Paying Agent upon thirty (30) days’ ' written notice to the Administrative Trustees and the Property Trustee. If the Property Trustee shall no longer be the Paying Agent or a successor Paying Agent shall resign or its authority to act be revoked, the Administrative Trustees shall appoint a successor (which shall be a bank or trust company) to act as Paying Agent. Such successor Paying Agent appointed by the Administrative Trustees shall execute and deliver to the Trustees an instrument in which such successor Paying Agent shall agree with the Trustees that as Paying Agent, such successor Paying Agent will hold all sums, if any, held by it for payment to the Holders in trust for the benefit of the Holders entitled thereto until such sums shall be paid to such Holders. The Paying Agent shall return all unclaimed funds to the Property Trustee and upon removal of a Paying Agent such Paying Agent shall also return all funds in its possession to the Property Trustee. The provisions of Article ARTICLE VIII shall apply to the Property Trustee also in its role as Paying Agent, for so long as the Property Trustee shall act as Paying Agent and, to the extent applicable, to any other Paying Agent appointed hereunder. Any reference in this Trust Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise.
Appears in 3 contracts
Samples: Trust Agreement (Uici), Trust Agreement (San Joaquin Bancorp), Trust Agreement (Uici)
Appointment of Paying Agents. The Paying Agent shall initially be the Property Trustee. The Paying Agent shall make Distributions distributions to Holders the Certificateholders from the Payment Certificate Distribution Account pursuant to Section 5.02 and shall report the amounts of such Distributions distributions to the Property Trustee and the Administrative TrusteesOwner Trustee. Any Paying Agent shall have the revocable power to withdraw funds from the Payment Certificate Distribution Account solely for the purpose of making the Distributions distributions referred to above. The Administrative Trustees Owner Trustee may revoke such power and remove the Paying Agent if the Owner Trustee determines in their its sole discretion. Any Person acting as discretion that the Paying Agent shall have failed to perform its obligations under this Agreement in any material respect. The Paying Agent shall initially be The Bank of New York (Delaware), and any co-paying agent chosen by The Bank of New York (Delaware) and acceptable to the Owner Trustee. The Bank of New York (Delaware) shall be permitted to resign as Paying Agent upon thirty (30) 30 days’ ' written notice to the Administrative Trustees Owner Trustee and the Property TrusteeAdministrator. If In the Property Trustee event that The Bank of New York (Delaware) shall no longer be the Paying Agent or a successor Paying Agent shall resign or its authority to act be revokedAgent, the Administrative Trustees Owner Trustee shall appoint a successor to act as Paying Agent (which shall be a bank or trust company) to act as ). The Owner Trustee shall cause such successor Paying Agent. Such successor Agent or any additional Paying Agent appointed by the Administrative Trustees shall Owner Trustee to execute and deliver to the Trustees Owner Trustee an instrument in which such successor Paying Agent or additional Paying Agent shall agree with the Trustees Owner Trustee that as Paying Agent, such successor Paying Agent or additional Paying Agent will hold all sums, if any, held by it for payment to the Holders Certificateholders in trust for the benefit of the Holders Certificateholders entitled thereto until such sums shall be paid to such Holdersthe Certificateholders. The Paying Agent shall return all unclaimed funds to the Property Owner Trustee and upon removal of a Paying Agent such Paying Agent shall also return all funds in its possession to the Property Owner Trustee. The provisions of Article VIII Sections 7.01, 7.03, 7.04 and 8.01 shall apply to the Property Owner Trustee also in its role as Paying Agent, for so long as the Property Owner Trustee shall act as Paying Agent and, to the extent applicable, to any other Paying Agent paying agent appointed hereunder. Any reference in this Trust Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise.
Appears in 2 contracts
Samples: Trust Agreement (Caterpillar Financial Asset Trust 2007-A), Trust Agreement (Caterpillar Financial Funding Corp)
Appointment of Paying Agents. The Paying Agent shall initially be the Property Trustee. The Paying Agent shall make Distributions to Holders from the Payment Account and shall report the amounts of such Distributions to the Property Trustee and the Administrative Trustees. Any Paying Agent shall have the revocable power to withdraw funds from the Payment Account solely for the purpose of making the Distributions referred to above. The Administrative Trustees may revoke such power and remove the Paying Agent in their sole discretion. Any Person acting as Paying Agent shall be permitted to resign as Paying Agent upon thirty (30) days’ written notice to the Administrative Trustees and the Property Trustee. If the Property Trustee shall no longer be the Paying Agent or a successor Paying Agent shall resign or its authority to act be revoked, the Administrative Trustees shall appoint a successor (which shall be a bank or trust company) to act as Paying Agent. Such successor Paying Agent appointed by the Administrative Trustees shall execute and deliver to the Trustees an instrument in which such successor Paying Agent shall agree with the Trustees that as Paying Agent, such successor Paying Agent will hold all sums, if any, held by it for payment to the Holders in trust for the benefit of the Holders entitled thereto until such sums shall be paid to such Holders. The Paying Agent shall return all unclaimed funds to the Property Trustee and upon removal of a Paying Agent Agent, such Paying Agent shall also return all funds in its possession to the Property Trustee. The provisions of Article VIII shall apply to the Property Trustee also in its role as Paying Agent, for so long as the Property Trustee shall act as Paying Agent and, to the extent applicable, to any other Paying Agent appointed hereunder. Any reference in this Trust Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise.
Appears in 2 contracts
Samples: Trust Agreement (National City Corp), Trust Agreement (National City Corp)
Appointment of Paying Agents. The Paying Agent shall initially be the Property Trustee. The Paying Agent shall make Distributions distributions to Holders the Certificateholders from the Payment Certificate Distribution Account pursuant to Section 5.02 and shall report the amounts of such Distributions distributions to the Property Trustee and the Administrative TrusteesOwner Trustee. Any Paying Agent shall have the revocable power to withdraw funds from the Payment Certificate Distribution Account solely for the purpose of making the Distributions distributions referred to above. The Administrative Trustees Owner Trustee may revoke such power and remove the Paying Agent if the Owner Trustee determines in their its sole discretion. Any Person acting as discretion that the Paying Agent shall have failed to perform its obligations under this Agreement in any material respect. The Paying Agent shall initially be BNYM (Delaware), and any co-paying agent chosen by BNYM (Delaware) and acceptable to the Owner Trustee. BNYM (Delaware) shall be permitted to resign as Paying Agent upon thirty (30) 30 days’ ' written notice to the Administrative Trustees Owner Trustee and the Property TrusteeAdministrator. If In the Property Trustee event that BNYM (Delaware) shall no longer be the Paying Agent or a successor Paying Agent shall resign or its authority to act be revokedAgent, the Administrative Trustees Owner Trustee shall appoint a successor to act as Paying Agent (which shall be a bank or trust company) to act as ). The Owner Trustee shall cause such successor Paying Agent. Such successor Agent or any additional Paying Agent appointed by the Administrative Trustees shall Owner Trustee to execute and deliver to the Trustees Owner Trustee an instrument in which such successor Paying Agent or additional Paying Agent shall agree with the Trustees Owner Trustee that as Paying Agent, such successor Paying Agent or additional Paying Agent will hold all sums, if any, held by it for payment to the Holders Certificateholders in trust for the benefit of the Holders Certificateholders entitled thereto until such sums shall be paid to such Holdersthe Certificateholders. The Paying Agent shall return all unclaimed funds to the Property Owner Trustee and upon removal of a Paying Agent such Paying Agent shall also return all funds in its possession to the Property Owner Trustee. The provisions of Article VIII Sections 7.01, 7.03, 7.04 and 8.01 shall apply to the Property Owner Trustee also in its role as Paying Agent, for so long as the Property Owner Trustee shall act as Paying Agent and, to the extent applicable, to any other Paying Agent paying agent appointed hereunder. Any reference in this Trust Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise.
Appears in 2 contracts
Samples: Trust Agreement (Caterpillar Financial Funding Corp), Trust Agreement (Caterpillar Financial Asset Trust 2008-A)
Appointment of Paying Agents. The Paying Agent shall initially be the Property Trustee. The Paying Agent shall make Distributions to Holders from the Payment Account and shall report the amounts of such Distributions to the Property Trustee and the Administrative Trustees. Any Paying Agent shall have the revocable power to withdraw funds from the Payment Account solely for the purpose of making the Distributions referred to above. The Administrative Trustees may revoke such power and remove the Paying Agent in their sole discretion. Any Person acting as Paying Agent shall be permitted to resign as Paying Agent upon thirty (30) days’ written notice to the Administrative Trustees and the Property Trustee. If the Property Trustee shall no longer be the Paying Agent or a successor Paying Agent shall resign or its authority to act be revoked, the Administrative Trustees shall appoint a successor (which shall be a bank or trust company) to act as Paying Agent. Such successor Paying Agent appointed by the Administrative Trustees shall execute and deliver to the Trustees an instrument in which such successor Paying Agent shall agree with the Trustees that as Paying Agent, such successor Paying Agent will hold all sums, if any, held by it for payment to the Holders in trust for the benefit of the Holders entitled thereto until such sums shall be paid to such Holders. The Paying Agent shall return all unclaimed funds to the Property Trustee and upon removal of a Paying Agent such Paying Agent shall also return all funds in its possession to the Property Trustee. The provisions of Article VIII shall apply to the Property Trustee also in its role as Paying Agent, for so long as the Property Trustee shall act as Paying Agent and, to the extent applicable, to any other Paying Agent appointed hereunder. Any reference in this Trust Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise.. 15
Appears in 2 contracts
Samples: Trust Agreement (Simmons First National Corp), Trust Agreement (Simmons First National Corp)
Appointment of Paying Agents. The Paying Agent shall initially be the Property Trustee. The Paying Agent shall make Distributions distributions to Holders the Certificateholder from the Payment Certificate Distribution Account pursuant to Section 5.02 and shall report the amounts of such Distributions distributions to the Property Trustee and the Administrative TrusteesOwner Trustee. Any Paying Agent shall have the revocable power to withdraw funds from the Payment Certificate Distribution Account solely for the purpose of making the Distributions distributions referred to above. The Administrative Trustees Owner Trustee may revoke such power and remove the Paying Agent if the Owner Trustee determines in their its sole discretion. Any Person acting as discretion that the Paying Agent shall have failed to perform its obligations under this Agreement in any material respect. The Paying Agent shall initially be The Chase Manhattan Bank, and any co-paying agent chosen by The Chase Manhattan Bank, and acceptable to the Owner Trustee. The Chase Manhattan Bank shall be permitted to resign as Paying Agent upon thirty (30) 30 days’ ' written notice to the Administrative Trustees and the Property Owner Trustee. If In the Property Trustee event that The Chase Manhattan Bank shall no longer be the Paying Agent or a successor Paying Agent shall resign or its authority to act be revokedAgent, the Administrative Trustees Owner Trustee shall appoint a successor to act as Paying Agent (which shall be a bank or trust company) to act as ). The Owner Trustee shall cause such successor Paying Agent. Such successor Agent or any additional Paying Agent appointed by the Administrative Trustees shall Owner Trustee to execute and deliver to the Trustees Owner Trustee an instrument in which such successor Paying Agent or additional Paying Agent shall agree with the Trustees Owner Trustee that as Paying Agent, such successor Paying Agent or additional Paying Agent will hold all sums, if any, held by it for payment to the Holders Certificateholder in trust for the benefit of the Holders Certificateholder entitled thereto until such sums shall be paid to such Holdersthe Certificateholder. The Paying Agent shall return all unclaimed funds to the Property Owner Trustee and upon removal of a Paying Agent such Paying Agent shall also return all funds in its possession to the Property Owner Trustee. The provisions of Article VIII Sections 7.01, 7.03, 7.04 and 8.01 shall apply to the Property Owner Trustee also in its role as Paying Agent, for so long as the Property Owner Trustee shall act as Paying Agent and, to the extent applicable, to any other Paying Agent paying agent appointed hereunder. Any reference in this Trust Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise.
Appears in 2 contracts
Samples: Trust Agreement (Caterpillar Financial Funding Corp), Trust Agreement (Caterpillar Financial Funding Corp)
Appointment of Paying Agents. The Paying Agent shall initially be the Property Trustee. The Paying Agent shall make Distributions distributions to Holders the Certificateholder from the Payment Certificate Distribution Account pursuant to Section 5.02 and shall report the amounts of such Distributions distributions to the Property Trustee and the Administrative TrusteesOwner Trustee. Any Paying Agent shall have the revocable power to withdraw funds from the Payment Certificate Distribution Account solely for the purpose of making the Distributions distributions referred to above. The Administrative Trustees Owner Trustee may revoke such power and remove the Paying Agent if the Owner Trustee determines in their its sole discretion. Any Person acting as discretion that the Paying Agent shall have failed to perform its obligations under this Agreement in any material respect. The Paying Agent shall initially be JPMorgan Chase Bank, N.A., and any co-paying agent chosen by JPMorgan Chase Bank, N.A., and acceptable to the Owner Trustee. JPMorgan Chase Bank, N.A. shall be permitted to resign as Paying Agent upon thirty (30) 30 days’ ' written notice to the Administrative Trustees Owner Trustee and the Property TrusteeAdministrator. If In the Property Trustee event that JPMorgan Chase Bank, N.A. shall no longer be the Paying Agent or a successor Paying Agent shall resign or its authority to act be revokedAgent, the Administrative Trustees Owner Trustee shall appoint a successor to act as Paying Agent (which shall be a bank or trust company) to act as ). The Owner Trustee shall cause such successor Paying Agent. Such successor Agent or any additional Paying Agent appointed by the Administrative Trustees shall Owner Trustee to execute and deliver to the Trustees Owner Trustee an instrument in which such successor Paying Agent or additional Paying Agent shall agree with the Trustees Owner Trustee that as Paying Agent, such successor Paying Agent or additional Paying Agent will hold all sums, if any, held by it for payment to the Holders Certificateholder in trust for the benefit of the Holders Certificateholder entitled thereto until such sums shall be paid to such Holdersthe Certificateholder. The Paying Agent shall return all unclaimed funds to the Property Owner Trustee and upon removal of a Paying Agent such Paying Agent shall also return all funds in its possession to the Property Owner Trustee. The provisions of Article VIII Sections 7.01, 7.03, 7.04 and 8.01 shall apply to the Property Owner Trustee also in its role as Paying Agent, for so long as the Property Owner Trustee shall act as Paying Agent and, to the extent applicable, to any other Paying Agent paying agent appointed hereunder. Any reference in this Trust Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise.
Appears in 2 contracts
Samples: Trust Agreement (Caterpillar Financial Funding Corp), Trust Agreement (Caterpillar Financial Asset Trust 2006-A)
Appointment of Paying Agents. The Paying Agent shall initially be the Property Trustee. The Paying Agent shall make Distributions distributions to Holders the Certificateholder from the Payment Certificate Distribution Account pursuant to SECTION 5.02 and shall report the amounts of such Distributions distributions to the Property Trustee and the Administrative TrusteesOwner Trustee. Any Paying Agent shall have the revocable power to withdraw funds from the Payment Certificate Distribution Account solely for the purpose of making the Distributions distributions referred to above. The Administrative Trustees Owner Trustee may revoke such power and remove the Paying Agent if the Owner Trustee determines in their its sole discretion. Any Person acting as discretion that the Paying Agent shall have failed to perform its obligations under this Agreement in any material respect. The Paying Agent shall initially be The Chase Manhattan Bank, and any co-paying agent chosen by The Chase Manhattan Bank, and acceptable to the Owner Trustee. The Chase Manhattan Bank shall be permitted to resign as Paying Agent upon thirty (30) 30 days’ ' written notice to the Administrative Trustees and the Property Owner Trustee. If In the Property Trustee event that The Chase Manhattan Bank shall no longer be the Paying Agent or a successor Paying Agent shall resign or its authority to act be revokedAgent, the Administrative Trustees Owner Trustee shall appoint a successor to act as Paying Agent (which shall be a bank or trust company) to act as ). The Owner Trustee shall cause such successor Paying Agent. Such successor Agent or any additional Paying Agent appointed by the Administrative Trustees shall Owner Trustee to execute and deliver to the Trustees Owner Trustee an instrument in which such successor Paying Agent or additional Paying Agent shall agree with the Trustees Owner Trustee that as Paying Agent, such successor Paying Agent or additional Paying Agent will hold all sums, if any, held by it for payment to the Holders Certificateholder in trust for the benefit of the Holders entitled thereto Certificateholder until such sums shall be paid to such Holdersthe Certificateholder. The Paying Agent shall return all unclaimed funds to the Property Owner Trustee and upon removal of a Paying Agent such Paying Agent shall also return all funds in its possession to the Property Owner Trustee. The provisions of Article VIII SECTIONS 7.01, 7.03, 7.04 and 8.01 shall apply to the Property Owner Trustee also in its role as Paying Agent, for so long as the Property Owner Trustee shall act as Paying Agent and, to the extent applicable, to any other Paying Agent paying agent appointed hereunder. Any reference in this Trust Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise.
Appears in 2 contracts
Samples: Trust Agreement (Caterpillar Financial Funding Corp), Trust Agreement (Caterpillar Financial Funding Corp)
Appointment of Paying Agents. The Property Trustee is hereby appointed the initial Paying Agent shall initially be and the Property TrusteeTrustee hereby accepts such appointment. The Paying Agent shall make Distributions to Holders from the Payment Account and shall report the amounts of such Distributions to the Property Trustee and the Administrative Trustees. Any Paying Agent shall have the revocable power to withdraw funds from the Payment Account solely for the purpose of making the Distributions referred to above. The Administrative Trustees may revoke such power and remove the Paying Agent in their sole discretion. Any Person acting as Paying Agent shall be permitted to resign as Paying Agent upon thirty (30) days’ written notice to the Administrative Trustees and the Property Trustee. If the Property Trustee shall no longer be the Paying Agent or a successor Paying Agent shall resign or its authority to act be revoked, the Administrative Trustees shall appoint a successor (which shall be a bank or trust company) to act as Paying Agent. Such successor Paying Agent appointed by the Administrative Trustees shall execute and deliver to the Trustees an instrument in which such successor Paying Agent shall agree with the Trustees that as Paying Agent, such successor Paying Agent will hold all sums, if any, held by it for payment to the Holders in trust for the benefit of the Holders entitled thereto until such sums shall be paid to such Holders. The Paying Agent shall return all unclaimed funds to the Property Trustee and upon removal of a Paying Agent such Paying Agent shall also return all funds in its possession to the Property Trustee. The provisions of Article VIII shall apply to the Property Trustee also in its role as Paying Agent, for so long as the Property Trustee shall act as Paying Agent and, to the extent applicable, to any other Paying Agent appointed hereunder. Any reference in this Trust Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise.
Appears in 2 contracts
Samples: Trust Agreement (Deerfield Triarc Capital Corp), Trust Agreement (Deerfield Triarc Capital Corp)
Appointment of Paying Agents. The Paying Agent shall initially be the Property Trustee. The Paying Agent shall make Distributions to Holders from the Payment Account and shall report the amounts of such Distributions to the Property Trustee and the Administrative Trustees. Any Paying Agent shall have the revocable power to withdraw funds from the Payment Account solely for the purpose of making the Distributions referred to above. The Administrative Trustees may revoke such power and remove the Paying Agent in their sole discretion. Any Person acting as Paying Agent shall be permitted to resign as Paying Agent upon thirty (30) days’ ' written notice to the Administrative Trustees and the Property Trustee. If the Property Trustee shall no longer be the Paying Agent or a successor Paying Agent shall resign or its authority to act be revoked, the Administrative Trustees shall appoint a successor (which shall be a bank or trust company) to act as Paying Agent. Such successor Paying Agent appointed by the Administrative Trustees shall execute and deliver to the Trustees an instrument in which such successor Paying Agent shall agree with the Trustees that as Paying Agent, such successor Paying Agent will hold all sums, if any, held by it for payment to the Holders in trust for the benefit of the Holders entitled thereto until such sums shall be paid to such Holders. The Paying Agent shall return all unclaimed funds to the Property Trustee and upon removal of a Paying Agent such Paying Agent shall also return all funds in its possession to the Property Trustee. The provisions of Article ARTICLE VIII shall apply to the Property Trustee also in its role as Paying Agent, for so long as the Property Trustee shall act as Paying Agent and, to the extent applicable, to any other Paying Agent appointed hereunder. Any reference in this Trust Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise.
Appears in 2 contracts
Samples: Trust Agreement (Bankatlantic Bancorp Inc), Trust Agreement (Bankatlantic Bancorp Inc)
Appointment of Paying Agents. The Paying Agent shall initially be the Property Trustee. The Paying Agent shall make Distributions to Holders from the Payment Account and shall report the amounts of such Distributions to the Property Trustee and the Administrative Trustees. Any Paying Agent shall have the revocable power to withdraw funds from the Payment Account solely for the purpose of making the Distributions referred to above. The Administrative Trustees may revoke such power and remove the Paying Agent in their sole discretion. Any Person acting as Paying Agent shall be permitted to resign as Paying Agent upon thirty (30) days’ written written, notice to the Administrative Trustees and the Property Trustee. If the Property Trustee shall no longer be the Paying Agent or a successor Paying Agent shall resign or its authority to act be revoked, the Administrative Trustees shall appoint a successor (which shall be a bank or trust company) to act as Paying Agent. Such successor Paying Agent appointed by the Administrative Trustees shall execute and deliver to the Trustees an instrument in which such successor Paying Agent shall agree with the Trustees that as Paying Agent, such successor Paying Agent will hold all sums, if any, held by it for payment to the Holders in trust for the benefit of the Holders entitled thereto until such sums shall be paid to such Holders. The Paying Agent shall return all unclaimed funds to the Property Trustee and upon removal of a Paying Agent such Paying Agent shall also return all funds in its possession to the Property Trustee. The provisions of Article VIII shall apply to the Property Trustee also in its role as Paying Agent, for so long as the Property Trustee shall act as Paying Agent and, to the extent applicable, to any other Paying Agent appointed hereunder. Any reference in this Trust Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise.
Appears in 2 contracts
Samples: Trust Agreement (Geovera Insurance Holdings, Ltd.), Trust Agreement (Geovera Insurance Holdings, Ltd.)
Appointment of Paying Agents. The Paying Agent shall initially be the Property Trustee. The Paying Agent shall make Distributions to Holders from the Payment Account and shall report the amounts of such Distributions to the Property Trustee and the Administrative Trustees. Any Paying Agent shall have the revocable power to withdraw funds from the Payment Account solely for the purpose of making the Distributions referred to above. The Administrative Trustees may revoke such power and remove the Paying Agent in their sole discretion. Any Person acting as Paying Agent shall be permitted to resign as Paying Agent upon thirty (30) days’ ' written notice to the Administrative Trustees and the Property Trustee. If the Property Trustee shall no longer be the Paying Agent or a successor Paying Agent shall resign or its authority to act be revoked, the Administrative Trustees shall appoint a successor (which shall be a bank or trust company) to act as Paying Agent. Such successor Paying Agent appointed by the Administrative Trustees shall execute and deliver to the Trustees an instrument in which such successor Paying Agent shall agree with the Trustees that as Paying Agent, such successor Paying Agent will hold all sums, if any, held by it for payment to the Holders in trust for the benefit of the Holders entitled thereto until such sums shall be paid to such Holders. The Paying Agent shall return all unclaimed funds to the Property Trustee and upon removal of a Paying Agent such Paying Agent shall also return all funds in its possession to the Property Trustee. The provisions of Article VIII shall apply to the Property Trustee also in its role as Paying Agent, for so long as the Property Trustee shall act as Paying Agent and, to the extent applicable, to any other Paying Agent appointed hereunder. Any reference in this Trust Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise. ARTICLE IV.
Appears in 2 contracts
Samples: Trust Agreement (State National Bancshares, Inc.), Trust Agreement (Georgia Bancshares Inc//)
Appointment of Paying Agents. The Paying Agent shall initially be the Property Trustee. The or Paying Agent Agents shall make Distributions to Holders from the Payment Account and shall report the amounts of such Distributions to the Property Trustee and the Administrative Trustees. Any Paying Agent shall have the revocable power to withdraw funds from the Payment Account solely for the purpose of making the Distributions referred to above. The Administrative Trustees may revoke such power and remove the Paying Agent in their sole discretion. The Paying Agent shall initially be the Property Trustee. Any Person acting as Paying Agent shall be permitted to resign as Paying Agent upon thirty (30) 30 days’ written notice to the Administrative Trustees and the Property Trustee. If the Property Trustee shall no longer be the Paying Agent or a successor Paying Agent shall resign or its authority to act be revoked, the Administrative Trustees shall appoint a successor (which shall be a bank or trust company) to act as Paying Agent. Such successor Paying Agent or any additional Paying Agent appointed by the Administrative Trustees shall execute and deliver to the Issuer Trustees an instrument in which such successor Paying Agent or additional Paying Agent shall agree with the Issuer Trustees that as Paying Agent, such successor Paying Agent or additional Paying Agent will hold all sums, if any, held by it for payment to the Holders in trust for the benefit of the Holders entitled thereto until such sums shall be paid to such Holders. The Paying Agent shall return all unclaimed funds to the Property Trustee and upon removal of a Paying Agent such Paying Agent shall also return all funds in its possession to the Property Trustee. The provisions of Article VIII Sections 8.1, 8.3 and 8.6 herein shall apply to the Property Trustee Bank also in its role as Paying Agent, for so long as the Property Trustee Bank shall act as Paying Agent and, to the extent applicable, to any other Paying Agent appointed hereunder. Any reference in this Trust Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise.
Appears in 2 contracts
Samples: Trust Agreement (Everest Reinsurance Holdings Inc), Trust Agreement (Everest Re Group LTD)
Appointment of Paying Agents. The Paying Agent shall initially be the Property Trustee. The Paying Agent shall make Distributions to Holders from the Payment Account and shall report the amounts of such Distributions to the Property Trustee and the Administrative Trustees. Any Paying Agent shall have the revocable power to withdraw funds from the Payment Account solely for the purpose of making the Distributions referred to above. The Administrative Trustees may revoke such power and remove the Paying Agent in their sole discretion. Any Person acting as Paying Agent shall be permitted to resign as Paying Agent upon thirty (30) 30 days’ ' written notice to the Administrative Trustees and the Property Trustee. If the Property Trustee shall no longer be the Paying Agent or a successor Paying Agent shall resign or its authority to act be revoked, the Administrative Trustees shall appoint a successor (which shall be a bank or trust company) to act as Paying Agent. Such successor Paying Agent appointed by the Administrative Trustees shall execute and deliver to the Trustees an instrument in which such successor Paying Agent shall agree with the Trustees that as Paying Agent, such successor Paying Agent will hold all sums, if any, held by it for payment to the Holders in trust for the benefit of the Holders entitled thereto until such sums shall be paid to such Holders. The Paying Agent shall return all unclaimed funds to the Property Trustee and upon removal of a Paying Agent such Paying Agent shall also return all funds in its possession to the Property Trustee. The provisions of Article VIII shall apply to the Property Trustee also in its role as Paying Agent, for so long as the Property Trustee shall act as Paying Agent and, to the extent applicable, to any other Paying Agent appointed hereunder. Any reference in this Trust Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise.
Appears in 2 contracts
Samples: Trust Agreement (Bnccorp Inc), Trust Agreement (Vib Corp)
Appointment of Paying Agents. The Paying Agent shall initially be the Property Trustee. The Paying Agent shall make Distributions to Holders from the Payment Account and shall report the amounts of such Distributions to the Property Trustee and the Administrative Trustees. Any Paying Agent shall have the revocable power to withdraw funds from the Payment Account solely for the purpose of making the Distributions referred to above. The Administrative Trustees may revoke such power and remove the Paying Agent in their sole discretion. Any Person acting as Paying Agent shall be permitted to resign as Paying Agent upon thirty (30) days’ ' written notice to the Administrative Trustees and the Property Trustee. If the Property Trustee shall no longer be the Paying Agent or a successor Paying Agent shall resign or its authority to act be revoked, the Administrative Trustees shall appoint a successor (which shall be a bank or trust company) to act as Paying Agent. Such successor Paying Agent appointed by the Administrative Trustees shall execute and deliver to the Trustees an instrument in which such successor Paying Agent shall agree with the Trustees that as Paying Agent, such successor Paying Agent will hold all sums, if any, held by it for payment to the Holders in trust for the benefit of the Holders entitled thereto until such sums shall be paid to such Holders. The Paying Agent shall return all unclaimed funds to the Property Trustee and upon removal of a Paying Agent such Paying Agent shall also return all funds in its possession to the Property Trustee. The provisions of Article VIII shall apply to the Property Trustee also in its role as Paying Agent, for so long as the Property Trustee shall act as Paying Agent and, to the extent applicable, to any other Paying Agent appointed hereunder. Any reference in this Trust Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise. For the avoidance of doubt, the Company shall not be permitted to appoint itself or any Affiliate as a Paying Agent hereunder.
Appears in 2 contracts
Samples: Trust Agreement (Capital Lease Funding Inc), Trust Agreement (Orleans Homebuilders Inc)
Appointment of Paying Agents. The Paying Agent shall initially be the Property Trustee. The Paying Agent shall make Distributions to Holders from the Payment Account and shall report the amounts of such Distributions to the Property Trustee and the Administrative Trustees. Any Paying Agent shall have the revocable power to withdraw funds from the Payment Account solely for the purpose of making the Distributions referred to above. The Administrative Trustees may revoke such power and remove the Paying Agent in their sole discretion. Any Person acting as Paying Agent shall be permitted to resign as Paying Agent upon thirty (30) days’ written notice to the Administrative Trustees and the Property Trustee. If the Property Trustee shall no longer be the Paying Agent or a successor Paying Agent shall resign or its authority to act be revoked, the Administrative Trustees shall appoint a successor (which shall be a bank or trust company) to act as Paying Agent. Such successor Paying Agent appointed by the Administrative Trustees shall execute and deliver to the Trustees an instrument in which such successor Paying Agent shall agree with the Trustees that as Paying Agent, such successor Paying Agent will hold all sums, if any, held by it for payment to the Holders in trust for the benefit of the Holders entitled thereto until such sums shall be paid to such Holders. The Paying Agent shall return all unclaimed funds to the Property Trustee and upon removal of a Paying Agent such Paying Agent shall also return all funds in its possession to the Property Trustee. The provisions of Article VIII shall apply to the Property Trustee also in its role as Paying Agent, for so long as the Property Trustee shall act as Paying Agent and, to the extent applicable, to any other Paying Agent appointed hereunder. Any reference in this Trust Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise.
Appears in 2 contracts
Samples: Trust Agreement (Capital Trust Inc), Trust Agreement (Crystal River Capital, Inc.)
Appointment of Paying Agents. The Paying Agent shall initially be the Property Trustee. The Paying Agent or Agents shall make Distributions to Holders from the Payment Account and shall report the amounts of such Distributions to the Property Trustee and the Administrative Trustees. Any Paying Agent shall have the revocable power to withdraw funds from the Payment Account solely for the purpose of making the Distributions referred to above. The Administrative Trustees may revoke such power and remove the Paying Agent in their its sole discretion. The Paying Agent shall initially be the Bank and any co-paying agent chosen by the Property Trustee and acceptable to the Administrative Trustees and the Depositor. Any Person acting as Paying Agent shall be permitted to resign as Paying Agent upon thirty (30) 30 days’ ' written notice to the Administrative Trustees and the Property Trustee. If the Property Trustee Bank shall no longer be the Paying Agent or a successor Paying Agent shall resign or its authority to act be revoked, the Administrative Trustees shall appoint a successor (which shall be a bank or trust company) that is reasonably acceptable to the Depositor to act as Paying Agent. Such successor Paying Agent appointed by the Administrative Trustees or any additional Paying Agent shall execute and deliver to the Issuer Trustees an instrument in which such successor Paying Agent or additional Paying Agent shall agree with the Issuer Trustees that as Paying Agent, such successor Paying Agent or additional Paying Agent will hold all sums, if any, held by it for payment to the Holders in trust for the benefit of the Holders entitled thereto until such sums shall be paid to such Holders. The Paying Agent shall return all unclaimed funds to the Property Trustee and upon removal of a Paying Agent such Paying Agent shall also return all funds in its possession to the Property Trustee. The provisions of Article VIII Sections 8.1, 8.3 and 8.6 herein shall apply to the Property Trustee Bank also in its role as Paying Agent, for so long as the Property Trustee Bank shall act as Paying Agent and, to the extent applicable, to any other Paying Agent paying agent appointed hereunder. Any reference in this Trust Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise.
Appears in 1 contract
Samples: Trust Agreement (Bt Capital Trust B)
Appointment of Paying Agents. The Paying Agent shall initially be the Property Trustee. The Paying Agent shall make Distributions to Holders from the Payment Account and shall report the amounts of such Distributions to the Property Trustee and the Administrative Trustees. Any Paying Agent shall have the revocable power to withdraw funds from the Payment Account solely for the purpose of making the Distributions referred to above. The Administrative Trustees may revoke such power and remove the Paying Agent in their sole discretion. Any Person acting as Paying Agent shall be permitted to resign as Paying Agent upon thirty (30) days’ ' written notice to the Administrative Trustees and the Property Trustee. If the Property Trustee shall no longer be the Paying Agent or a successor Paying Agent shall resign or its authority to act be revoked, the Administrative Trustees shall appoint a successor (which shall be a bank or trust company) to act as Paying Agent. Such successor Paying Agent appointed by the Administrative Trustees shall execute and deliver to the Trustees an instrument in which such successor Paying Agent shall agree with the Trustees that as Paying Agent, such successor Paying Agent will hold all sums, if any, held by it for payment to the Holders in trust for the benefit of the Holders entitled thereto until such sums shall be paid to such Holders. The Paying Agent shall return all unclaimed funds to the Property Trustee and upon removal of a Paying Agent such Paying Agent shall also return all funds in its possession to the Property Trustee. The provisions of Article VIII shall apply to the Property Trustee also in its role as Paying Agent, for so long as the Property Trustee shall act as Paying Agent and, to the extent applicable, to any other Paying Agent appointed hereunder. Any reference in this Trust Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise. For the avoidance of doubt, the Company shall not be permitted to appoint itself or any Affiliate as a Paying Agent hereunder. ARTICLE IV.
Appears in 1 contract
Appointment of Paying Agents. The Property Trustee is appointed as the initial Paying Agent shall initially be the Property Trusteeand hereby accepts such appointment. The Paying Agent shall make Distributions to Holders from the Payment Account and shall report the amounts of such Distributions to the Property Trustee and the Administrative Trustees. Any Paying Agent shall have the revocable power to withdraw funds from the Payment Account solely for the purpose of making the Distributions referred to above. The Administrative Trustees may revoke such power and remove the Paying Agent in their sole discretion. Any Person acting as Paying Agent shall be permitted to resign as Paying Agent upon thirty (30) days’ ' written notice to the Administrative Trustees and the Property Trustee. If the Property Trustee shall no longer be the Paying Agent or a successor Paying Agent shall resign or its authority to act be revoked, the Administrative Trustees shall appoint a successor (which shall be a bank or trust company) to act as Paying Agent. Such successor Paying Agent appointed by the Administrative Trustees shall execute and deliver to the Trustees an instrument in which such successor Paying Agent shall agree with the Trustees that as Paying Agent, such successor Paying Agent will hold all sums, if any, held by it for payment to the Holders in trust for the benefit of the Holders entitled thereto until such sums shall be paid to such Holders. The Paying Agent shall return all unclaimed funds to the Property Trustee and upon removal of a Paying Agent such Paying Agent shall also return all funds in its possession to the Property Trustee. The provisions of Article VIII shall apply to the Property Trustee also in its role as Paying Agent, for so long as the Property Trustee shall act as Paying Agent and, to the extent applicable, to any other Paying Agent appointed hereunder. Any reference in this Trust Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise.the
Appears in 1 contract
Appointment of Paying Agents. The Paying Agent shall initially be the Property Trustee. The Paying Agent shall make Distributions distributions to Holders the Certificateholders from the Payment Certificate Distribution Account pursuant to Section 5.02 and shall report the amounts of such Distributions distributions to the Property Trustee and the Administrative TrusteesOwner Trustee. Any Paying Agent shall have the revocable power to withdraw funds from the Payment Certificate Distribution Account solely for the purpose of making the Distributions distributions referred to above. The Administrative Trustees Owner Trustee may revoke such power and remove the Paying Agent if the Owner Trustee determines in their its sole discretion. Any Person acting as discretion that the Paying Agent shall have failed to perform its obligations under this Agreement in any material respect. The Paying Agent shall initially be [Name], and any co-paying agent chosen by [Name], and acceptable to the Owner Trustee. [Name] shall be permitted to resign as Paying Agent upon thirty (30) 30 days’ written notice to the Administrative Trustees Owner Trustee and the Property TrusteeAdministrator. If In the Property Trustee event that [Name] shall no longer be the Paying Agent or a successor Paying Agent shall resign or its authority to act be revokedAgent, the Administrative Trustees Owner Trustee shall appoint a successor to act as Paying Agent (which shall be a bank or trust company) to act as ). The Owner Trustee shall cause such successor Paying Agent. Such successor Agent or any additional Paying Agent appointed by the Administrative Trustees shall Owner Trustee to execute and deliver to the Trustees Owner Trustee an instrument in which such successor Paying Agent or additional Paying Agent shall agree with the Trustees Owner Trustee that as Paying Agent, such successor Paying Agent or additional Paying Agent will hold all sums, if any, held by it for payment to the Holders Certificateholders in trust for the benefit of the Holders Certificateholders entitled thereto until such sums shall be paid to such Holdersthe Certificateholders. The Paying Agent shall return all unclaimed funds to the Property Owner Trustee and upon removal of a Paying Agent such Paying Agent shall also return all funds in its possession to the Property Owner Trustee. The provisions of Article VIII Sections 7.01, 7.03, 7.04 and 8.01 shall apply to the Property Owner Trustee also in its role as Paying Agent, for so long as the Property Owner Trustee shall act as Paying Agent and, to the extent applicable, to any other Paying Agent paying agent appointed hereunder. Any reference in this Trust Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise.
Appears in 1 contract
Samples: Trust Agreement (Caterpillar Financial Funding Corp)
Appointment of Paying Agents. The Paying Agent shall initially be the Property Trustee. The Paying Agent shall make Distributions distributions to Holders the Certificateholder from the Payment Certificate Distribution Account pursuant to Section 5.02 and shall report the amounts of such Distributions distributions to the Property Trustee and the Administrative TrusteesOwner Trustee. Any Paying Agent shall have the revocable power to withdraw funds from the Payment Certificate Distribution Account solely for the purpose of making the Distributions distributions referred to above. The Administrative Trustees Owner Trustee may revoke such power and remove the Paying Agent if the Owner Trustee determines in their its sole discretion. Any Person acting as discretion that the Paying Agent shall have failed to perform its obligations under this Agreement in any material respect. The Paying Agent shall initially be JPMorgan Chase Bank, N.A., and any co-paying agent chosen by JPMorgan Chase Bank, N.A., and acceptable to the Owner Trustee. JPMorgan Chase Bank, N.A. shall be permitted to resign as Paying Agent upon thirty (30) 30 days’ written notice to the Administrative Trustees and the Property Owner Trustee. If In the Property Trustee event that JPMorgan Chase Bank, N.A. shall no longer be the Paying Agent or a successor Paying Agent shall resign or its authority to act be revokedAgent, the Administrative Trustees Owner Trustee shall appoint a successor to act as Paying Agent (which shall be a bank or trust company) to act as ). The Owner Trustee shall cause such successor Paying Agent. Such successor Agent or any additional Paying Agent appointed by the Administrative Trustees shall Owner Trustee to execute and deliver to the Trustees Owner Trustee an instrument in which such successor Paying Agent or additional Paying Agent shall agree with the Trustees Owner Trustee that as Paying Agent, such successor Paying Agent or additional Paying Agent will hold all sums, if any, held by it for payment to the Holders Certificateholder in trust for the benefit of the Holders Certificateholder entitled thereto until such sums shall be paid to such Holdersthe Certificateholder. The Paying Agent shall return all unclaimed funds to the Property Owner Trustee and upon removal of a Paying Agent such Paying Agent shall also return all funds in its possession to the Property Owner Trustee. The provisions of Article VIII Sections 7.01, 7.03, 7.04 and 8.01 shall apply to the Property Owner Trustee also in its role as Paying Agent, for so long as the Property Owner Trustee shall act as Paying Agent and, to the extent applicable, to any other Paying Agent paying agent appointed hereunder. Any reference in this Trust Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise.
Appears in 1 contract
Samples: Trust Agreement (Caterpillar Financial Asset Trust 2005-A)
Appointment of Paying Agents. The Paying Agent shall initially be the Property Trustee. The or Paying Agent Agents shall make Distributions to Holders from the Payment Account and shall report the amounts of such Distributions to the Property Trustee and the Administrative TrusteesAdministrators. Any Paying Agent shall have the revocable power to withdraw funds from the Payment Account solely for the purpose of making the Distributions referred to above. The Administrative Trustees Property Trustee may revoke such power and remove the Paying Agent in their its sole discretion. The Paying Agent shall initially be the Property Trustee. Any Person acting as Paying Agent shall be permitted to resign as Paying Agent upon thirty (30) 30 days’ ' written notice to the Administrative Trustees Administrators and the Property Trustee. If the Property Trustee shall no longer be the Paying Agent or a successor Paying Agent shall resign or its authority to act be revoked, the Administrative Trustees Property Trustee shall appoint a successor (which shall be a bank or trust company) that is reasonably acceptable to the Administrators to act as Paying Agent. Such successor Paying Agent appointed by the Administrative Trustees or any additional Paying Agent shall execute and deliver to the Issuer Trustees an instrument in which such successor Paying Agent or additional Paying Agent shall agree with the Issuer Trustees that as Paying Agent, such successor Paying Agent or additional Paying Agent will hold all sums, if any, held by it for payment to the Holders in trust for the benefit of the Holders entitled thereto until such sums shall be paid to such Holders. The Paying Agent shall return all funds remaining unclaimed funds for two years to the Property Trustee and upon removal of a Paying Agent such Paying Agent shall also return all funds in its possession to the Property Trustee. The provisions of Article VIII Sections 8.1, 8.3 and 8.6 herein shall apply to the Property Trustee also in its role as Paying Agent, for so long as the Property Trustee shall act as Paying Agent and, to the extent applicable, to any other Paying Agent paying agent appointed hereunder. Any reference in this Trust Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise.
Appears in 1 contract
Samples: Trust Agreement (CSC Capital Iii)
Appointment of Paying Agents. The Paying Agent shall initially be the Property Trustee. The or Paying Agent Agents shall make Distributions to Holders from the Payment Account and shall report the amounts of such Distributions to the Property Trustee and the Administrative Trustees. Any Paying Agent shall have the revocable power to withdraw funds from the Payment Account solely for the purpose of making the Distributions referred to above. The Administrative Trustees may revoke such power and remove the Paying Agent in their sole discretion. The Paying Agent shall initially be the Property Trustee. Any Person acting as Paying Agent shall be permitted to resign as Paying Agent upon thirty (30) 30 days’ ' written notice to the Administrative Trustees and the Property Trustee. If the Property Trustee shall no longer be the Paying Agent or a successor Paying Agent shall resign or its authority to act be revoked, the Administrative Trustees shall appoint a successor (which shall be a bank or trust company) to act as Paying Agent. Such successor Paying Agent or any additional Paying Agent appointed by the Administrative Trustees shall execute and deliver to the Issuer Trustees an instrument in which such successor Paying Agent or additional Paying Agent shall agree with the Issuer Trustees that as Paying Agent, such successor Paying Agent or additional Paying Agent will hold all sums, if any, held by it for payment to the Holders in trust for the benefit of the Holders entitled thereto until such sums shall be paid to such Holders. The Paying Agent shall return all unclaimed funds to the Property Trustee and upon removal of a Paying Agent such Paying Agent shall also return all funds in its possession to the Property Trustee. The provisions of Article VIII Sections 8.1, 8.3 and 8.6 herein shall apply to the Property Trustee Bank also in its role as Paying Agent, for so long as the Property Trustee Bank shall act as Paying Agent and, to the extent applicable, to any other Paying Agent appointed hereunder. Any reference in this Trust Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise.
Appears in 1 contract
Appointment of Paying Agents. The Property Trustee is hereby appointed as the initial Paying Agent shall initially be and the Property TrusteeTrustee hereby accepts such appointment. The Paying Agent shall make Distributions to Holders from the Payment Account and shall report the amounts of such Distributions to the Property Trustee and the Administrative Trustees. Any Paying Agent shall have the revocable power to withdraw funds from the Payment Account solely for the purpose of making the Distributions referred to above. The Administrative Trustees may revoke such power and remove the Paying Agent in their sole discretion. Any Person acting as Paying Agent shall be permitted to resign as Paying Agent upon thirty (30) days’ ' written notice to the Administrative Trustees and the Property Trustee. If the Property Trustee shall no longer be the Paying Agent or a successor Paying Agent shall resign or its authority to act be revoked, the Administrative Trustees shall appoint a successor (which shall be a bank or trust company) to act as Paying Agent. Such successor Paying Agent appointed by the Administrative Trustees shall execute and deliver to the Trustees an instrument in which such successor Paying Agent shall agree with the Trustees that as Paying Agent, such successor Paying Agent will hold all sums, if any, held by it for payment to the Holders in trust for the benefit of the Holders entitled thereto until such sums shall be paid to such Holders. The Paying Agent shall return all unclaimed funds to the Property Trustee and upon removal of a Paying Agent such Paying Agent shall also return all funds in its possession to the Property Trustee. The provisions of Article VIII shall apply to the Property Trustee also in its role as Paying Agent, for so long as the Property Trustee shall act as Paying Agent and, to the extent applicable, to any other Paying Agent appointed hereunder. Any reference in this Trust Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise.
Appears in 1 contract
Samples: Trust Agreement
Appointment of Paying Agents. The Paying Agent shall initially be the Property Trustee. The Paying Agent shall make Distributions to Holders from the Payment Account and shall report the amounts of such Distributions to the Property Trustee and the Administrative Trustees. Any Paying Agent shall have the revocable power to withdraw funds from the Payment Account solely for the purpose of making the Distributions referred to above. The Administrative Trustees may revoke such power and remove the Paying Agent in their sole discretion. Any Person acting as Paying Agent shall be permitted to resign as Paying Agent upon thirty (30) days’ ' written notice to the Administrative Trustees and the Property Trustee. If the Property Trustee shall no longer be the Paying Agent or a successor Paying Agent shall resign or its authority to act be revoked, the Administrative Trustees shall appoint a successor (which shall be a bank or trust company) to act as Paying Agent. Such successor Paying Agent appointed by the Administrative Trustees shall execute and deliver to the Trustees an instrument in which such successor Paying Agent shall agree with the Trustees that as Paying Agent, such successor Paying Agent will hold all sums, if any, held by it for payment to the Holders in trust for the benefit of the Holders entitled thereto until such sums shall be paid to such Holders. The Paying Agent shall return all unclaimed funds to the Property Trustee and upon removal of a Paying Agent Agent, such Paying Agent shall also return all funds in its possession to the Property Trustee. The provisions of Article VIII shall apply to the Property Trustee also in its role as Paying Agent, for so long as the Property Trustee shall act as Paying Agent and, to the extent applicable, to any other Paying Agent appointed hereunder. Any reference in this Trust Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise.
Appears in 1 contract
Samples: Trust Agreement (National City Corp)
Appointment of Paying Agents. The Paying Agent shall initially be the Property Trustee. The Paying Agent shall make Distributions distributions to Holders the Certificateholder from the Payment Certificate Distribution Account pursuant to Section 5.02 and shall report the amounts of such Distributions distributions to the Property Trustee and the Administrative TrusteesOwner Trustee. Any Paying Agent shall have the revocable power to withdraw funds from the Payment Certificate Distribution Account solely for the purpose of making the Distributions distributions referred to above. The Administrative Trustees Owner Trustee may revoke such power and remove the Paying Agent if the Owner Trustee determines in their its sole discretion. Any Person acting as discretion that the Paying Agent shall have failed to perform its obligations under this Agreement in any material respect. The Paying Agent shall initially be [Name], and any co-paying agent chosen by [Name], and acceptable to the Owner Trustee. [Name] shall be permitted to resign as Paying Agent upon thirty (30) 30 days’ ' written notice to the Administrative Trustees and the Property Owner Trustee. If In the Property Trustee event that [Name] shall no longer be the Paying Agent or a successor Paying Agent shall resign or its authority to act be revokedAgent, the Administrative Trustees Owner Trustee shall appoint a successor to act as Paying Agent (which shall be a bank or trust company) to act as ). The Owner Trustee shall cause such successor Paying Agent. Such successor Agent or any additional Paying Agent appointed by the Administrative Trustees shall Owner Trustee to execute and deliver to the Trustees Owner Trustee an instrument in which such successor Paying Agent or additional Paying Agent shall agree with the Trustees Owner Trustee that as Paying Agent, such successor Paying Agent or additional Paying Agent will hold all sums, if any, held by it for payment to the Holders Certificateholder in trust for the benefit of the Holders Certificateholder entitled thereto until such sums shall be paid to such Holdersthe Certificateholder. The Paying Agent shall return all unclaimed funds to the Property Owner Trustee and upon removal of a Paying Agent such Paying Agent shall also return all funds in its possession to the Property Owner Trustee. The provisions of Article VIII Sections 7.01, 7.03, 7.04 and 8.01 shall apply to the Property Owner Trustee also in its role as Paying Agent, for so long as the Property Owner Trustee shall act as Paying Agent and, to the extent applicable, to any other Paying Agent paying agent appointed hereunder. Any reference in this Trust Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise.
Appears in 1 contract
Samples: Trust Agreement (Caterpillar Financial Funding Corp)
Appointment of Paying Agents. The Paying Agent shall initially be the Property Trustee. The Paying Agent or Agents shall make Distributions to Holders from the Payment Account and shall report the amounts of such Distributions to the Property Trustee and the Administrative Trustees. Any Paying Agent shall have the revocable power to withdraw funds from the Payment Account solely for the purpose of making the Distributions referred to above. The Administrative Trustees may revoke such power and remove the Paying Agent in their sole discretion. The Paying Agent shall initially be the Property Trustee. Any Person acting as Paying Agent shall be permitted to resign as Paying Agent upon thirty (30) 30 days’ ' written notice to the Administrative Trustees and the Property Trustee. If the Property Trustee Sterling Bancorp shall no longer be the Paying Agent or a successor Paying Agent shall resign or its authority to act be revoked, the Administrative Trustees shall appoint a successor (which shall be a bank or trust company) that is reasonably acceptable to the Depositor to act as Paying Agent. Such successor Paying Agent or any additional Paying Agent appointed by the Administrative Trustees shall execute and deliver to the Issuer Trustees an instrument in which such successor Paying Agent or additional Paying Agent shall agree with the Issuer Trustees that as Paying Agent, such successor Paying Agent or additional Paying Agent will hold all sums, if any, held by it for payment to the Holders in trust for the benefit of the Holders entitled thereto until such sums shall be paid to such Holders. The Paying Agent shall return all unclaimed funds to the Property Trustee and upon removal of a Paying Agent such Paying Agent shall also return all funds in its possession to the Property Trustee. The provisions of Article VIII Sections 8.1, 8.3 and 8.6 herein shall apply to the Property Trustee also in its role as Paying Agent, for so long as the Property Trustee The Bank of New York shall act as Paying Agent and, to the extent applicable, to any other Paying Agent paying agent appointed hereunder. Any reference in this Trust Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise.
Appears in 1 contract
Appointment of Paying Agents. The Property Trustee is appointed as the initial Paying Agent shall initially be the Property Trusteeand hereby accepts such appointment. The Paying Agent shall make Distributions to Holders from the Payment Account and shall report the amounts of such Distributions to the Property Trustee and the Administrative Trustees. Any Paying Agent shall have the revocable power to withdraw funds from the Payment Account solely for the purpose of making the Distributions referred to above. The Administrative Trustees may revoke such power and remove the Paying Agent in their sole discretion. Any Person acting as Paying Agent shall be permitted to resign as Paying Agent upon thirty (30) days’ prior written notice to the Administrative Trustees and the Property Trustee. If the Property Trustee shall no longer be the Paying Agent or a successor Paying Agent shall resign or its authority to act be revoked, the Administrative Trustees shall appoint a successor (which shall be a bank or trust company) to act as Paying Agent. Such successor Paying Agent appointed by the Administrative Trustees shall execute and deliver to the Trustees an instrument in which such successor Paying Agent shall agree with the Trustees that as Paying Agent, such successor Paying Agent will hold all sums, if any, held by it for payment to the Holders in trust for the benefit of the Holders entitled thereto until such sums shall be paid to such Holders. The Paying Agent shall return all unclaimed funds to the Property Trustee and upon removal of a Paying Agent such Paying Agent shall also return all funds in its possession to the Property Trustee. The provisions of Article VIII shall apply to the Property Trustee also in its role as Paying Agent, for so long as the Property Trustee shall act as Paying Agent and, to the extent applicable, to any other Paying Agent appointed hereunder. Any reference in this Trust Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise.
Appears in 1 contract
Appointment of Paying Agents. The Paying Agent shall initially be the Property Trustee. The Paying Agent or Agents shall make Distributions to Holders from the Payment Account and shall report the amounts of such Distributions to the Property Trustee and the Administrative Trustees. Any Paying Agent shall have the revocable power to withdraw funds from the Payment Account solely for the purpose of making the Distributions referred to above. The Administrative Trustees may revoke such power and remove the Paying Agent in their sole discretion. The Paying Agent shall initially be the Bank and any co-paying agent chosen by the Property Trustee and acceptable to the Administrative Trustees and the Depositor. Any Person acting as Paying Agent shall be permitted to resign as Paying Agent upon thirty (30) 30 days’ ' written notice to the Administrative Trustees and the Property Trustee. If the Property Trustee Bank shall no longer be the Paying Agent or a successor Paying Agent shall resign or its authority to act be revoked, the Administrative Trustees shall appoint a successor (which shall be a bank or trust company) that is reasonably acceptable to the Depositor to act as Paying Agent. Such successor Paying Agent appointed by the Administrative Trustees or any additional Paying Agent shall execute and deliver to the Issuer Trustees an instrument in which such successor Paying Agent or additional Paying Agent shall agree with the Issuer Trustees that as Paying Agent, such successor Paying Agent or additional Paying Agent will hold all sums, if any, held by it for payment to the Holders in trust for the benefit of the Holders entitled thereto until such sums shall be paid to such Holders. The Paying Agent shall return all unclaimed funds to the Property Trustee and upon removal of a Paying Agent such Paying Agent shall also return all funds in its possession to the Property Trustee. The provisions of Article VIII Sections 8.1, 8.3 and 8.6 herein shall apply to the Property Trustee Bank also in its role as Paying Agent, for so long as the Property Trustee Bank shall act as Paying Agent and, to the extent applicable, to any other Paying Agent paying agent appointed hereunder. Any reference in this Trust Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise.
Appears in 1 contract
Appointment of Paying Agents. The Paying Agent shall initially be the Property Trustee. The Paying Agent shall make Distributions to Holders from the Payment Account and shall report the amounts of such Distributions to the Property Trustee and the Administrative Trustees. Any Paying Agent shall have the revocable power to withdraw funds from the Payment Account solely for the purpose of making the Distributions referred to above. The Administrative Trustees may revoke such power and remove the Paying Agent in their sole discretion. Any Person acting as Paying Agent shall be permitted to resign as Paying Agent upon thirty (30) days’ written notice to the Administrative Trustees and the Property Trustee. If the Property Trustee shall no longer be the Paying Agent or a successor Paying Agent shall resign or its authority to act be revoked, the Administrative Trustees shall appoint a successor (which shall be a bank or trust company) to act as Paying Agent. Such successor Paying Agent appointed by the Administrative Trustees shall execute and deliver to the Trustees an instrument in which such successor Paying Agent shall agree with the Trustees that as Paying Agent, such successor Paying Agent will hold all sums, if any, held by it for payment to the Holders in trust for the benefit of the Holders entitled thereto until such sums shall be paid to such Holders. The Paying Agent shall return all unclaimed funds to the Property Trustee and upon removal of a Paying Agent such Paying Agent shall also return all funds in its possession to the Property Trustee. The provisions of Article VIII shall apply to the Property Trustee also in its role as Paying Agent, for so long as the Property Trustee shall act as Paying Agent and, to the extent applicable, to any other Paying Agent appointed hereunder. Any reference in this Trust Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise. ARTICLE IV.
Appears in 1 contract
Appointment of Paying Agents. The Paying Agent shall initially be the Property Trustee. The Paying Agent shall make Distributions distributions to Holders Certificateholders from the Payment Certificate Distribution Account pursuant to SECTION 5.02 and shall report the amounts of such Distributions distributions to the Property Trustee and the Administrative TrusteesOwner Trustee. Any Paying Agent shall have the revocable power to withdraw funds from the Payment Certificate Distribution Account solely for the purpose of making the Distributions distributions referred to above. The Administrative Trustees Owner Trustee may revoke such power and remove the Paying Agent if the Owner Trustee determines in their its sole discretion. Any Person acting as discretion that the Paying Agent shall have failed to perform its obligations under this Agreement in any material respect. The Paying Agent shall initially be [____________________], and any co-paying agent chosen by [____________________], and acceptable to the Owner Trustee. [____________________] shall be permitted to resign as Paying Agent upon thirty (30) 30 days’ ' written notice to the Administrative Trustees and the Property Owner Trustee. If In the Property Trustee event that [____________________] shall no longer be the Paying Agent or a successor Paying Agent shall resign or its authority to act be revokedAgent, the Administrative Trustees Owner Trustee shall appoint a successor to act as Paying Agent (which shall be a bank or trust company) to act as ). The Owner Trustee shall cause such successor Paying Agent. Such successor Agent or any additional Paying Agent appointed by the Administrative Trustees shall Owner Trustee to execute and deliver to the Trustees Owner Trustee an instrument in which such successor Paying Agent or additional Paying Agent shall agree with the Trustees Owner Trustee that as Paying Agent, such successor Paying Agent or additional Paying Agent will hold all sums, if any, held by it for payment to the Holders Certificateholders in trust for the benefit of the Holders Certificateholders entitled thereto until such sums shall be paid to such HoldersCertificateholders. The Paying Agent shall return all unclaimed funds to the Property Owner Trustee and upon removal of a Paying Agent such Paying Agent shall also return all funds in its possession to the Property Owner Trustee. The provisions of Article VIII SECTIONS 7.01, 7.03, 7.04 and 8.01 shall apply to the Property Owner Trustee also in its role as Paying Agent, for so long as the Property Owner Trustee shall act as Paying Agent and, to the extent applicable, to any other Paying Agent paying agent appointed hereunder. Any reference in this Trust Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise.
Appears in 1 contract
Samples: Trust Agreement (Caterpillar Financial Funding Corp)
Appointment of Paying Agents. The Paying Agent shall initially be the Property TrusteeBank. The Paying Agent shall make Distributions to Holders from the Payment Account and shall report the amounts of such Distributions to the Property Trustee and the Administrative Trustees. Any Paying Agent shall have the revocable power to withdraw funds from the Payment Account solely for the purpose of making the Distributions referred to above. The Administrative Trustees may revoke such power and remove the Paying Agent in their sole discretion. Any Person acting as Paying Agent shall be permitted to may resign as Paying Agent upon thirty (30) 30 days’ ' written notice to the Administrative Trustees and the Property Trustee. If the Property Trustee Bank shall no longer be the Paying Agent or a successor Paying Agent shall resign or its authority to act be revoked, the Administrative Trustees shall appoint a successor (which shall be a bank or trust company) to act as Paying Agent. Such successor Paying Agent appointed by the Administrative Trustees shall execute and deliver to the Trustees an instrument in which such successor Paying Agent shall agree with the Trustees that as Paying Agent, such successor Paying Agent will hold all sums, if any, held by it for payment to the Holders in trust for the benefit of the Holders entitled thereto until such sums shall be paid to such Holders. The Paying Agent shall return all unclaimed funds to the Property Trustee and upon the resignation or removal of a Paying Agent such Paying Agent shall also return all funds in its possession to the Property Trustee. The provisions of Article VIII Sections 8.5, 8.7, 8.9, 8.10 and 8.15 shall apply to the Property Trustee also Bank in its role as Paying Agent, for so long as the Property Trustee Bank shall act as Paying Agent and, to the extent applicable, to any other Paying Agent appointed hereunder. Any reference in this Trust Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise.
Appears in 1 contract
Appointment of Paying Agents. The Property Trustee is appointed as the initial Paying Agent shall initially be the Property Trusteeand hereby accepts such appointment. The Paying Agent shall make Distributions to Holders from the Payment Account and shall report the amounts of such Distributions to the Property Trustee and the Administrative Trustees. Any Paying Agent shall have the revocable power to withdraw funds from the Payment Account solely for the purpose of making the Distributions referred to above. The Administrative Trustees may revoke such power and remove the Paying Agent in their sole discretion. Any Person acting as Paying Agent shall be permitted to resign as Paying Agent upon thirty (30) days’ written notice to the Administrative Trustees and the Property Trustee. If the Property Trustee shall no longer be the Paying Agent or a successor Paying Agent shall resign or its authority to act be revoked, the Administrative Trustees shall appoint a successor (which shall be a bank or trust company) to act as Paying Agent. Such successor Paying Agent appointed by the Administrative Trustees shall execute and deliver to the Trustees an instrument in which such successor Paying Agent shall agree with the Trustees that as Paying Agent, such successor Paying Agent will hold all sums, if any, held by it for payment to the Holders in trust for the benefit of the Holders entitled thereto until such sums shall be paid to such Holders. The Paying Agent shall return all unclaimed funds to the Property Trustee and upon removal of a Paying Agent such Paying Agent shall also return all funds in its possession to the Property Trustee. The provisions of Article VIII shall apply to the Property Trustee also in its role as Paying Agent, for so long as the Property Trustee shall act as Paying Agent and, to the extent applicable, to any other Paying Agent appointed hereunder. Any reference in this Trust Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise.Property
Appears in 1 contract
Appointment of Paying Agents. The Paying Agent shall initially be the Property Trustee. The or Paying Agent Agents shall make Distributions to Holders from the Payment Account and shall report the amounts of such Distributions to the Property Trustee and the Administrative TrusteesAdministrators. Any Paying Agent shall have the revocable power to withdraw funds from the Payment Account solely for the purpose of making the Distributions referred to above. The Administrative Trustees Property Trustee may revoke such power and remove the Paying Agent in their its sole discretion. The Paying Agent shall initially be the Property Trustee. Any Person acting as Paying Agent shall be permitted to resign as Paying Agent upon thirty (30) 30 days’ ' written notice to the Administrative Trustees Administrators and the Property Trustee. If the Property Trustee shall no longer be the Paying Agent or a successor Paying Agent shall resign or its authority to act be revoked, the Administrative Trustees Property Trustee shall appoint a successor (which shall be a bank or trust company) that is reasonably acceptable to the Administrators to act as Paying Agent. Such successor Paying Agent appointed by the Administrative Trustees or any additional Paying Agent shall execute and deliver to the Issuer Trustees an instrument in which such successor Paying Agent or additional Paying Agent shall agree with the Issuer Trustees that as Paying Agent, such successor Paying Agent or additional Paying Agent will hold all sums, if any, held by it for payment to the Holders in trust for the benefit of the Holders entitled thereto until such sums shall be paid to such Holders. The Paying Agent shall return all unclaimed funds to the Property Trustee and upon removal of a Paying Agent such Paying Agent shall also return all funds in its possession to the Property Trustee. The provisions of Article VIII Sections 8.1, 8.3 and 8.6 herein shall apply to the Property Trustee Bank also in its role as Paying Agent, for so long as the Property Trustee Bank shall act as Paying Agent and, to the extent applicable, to any other Paying Agent paying agent appointed hereunder. Any reference in this Trust Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise.
Appears in 1 contract
Samples: Trust Agreement (American Express Co Capital Trust Ii)
Appointment of Paying Agents. The Paying Agent shall initially be the Property Trustee. The Paying Agent shall make Distributions distributions to the Subordinated Interest Holders and the Holder of the Residual Certificate from the Payment Certificate Distribution Account pursuant to SECTION 5.02 and shall report the amounts of such Distributions distributions to the Property Trustee and the Administrative TrusteesOwner Trustee. Any Paying Agent shall have the revocable power to withdraw funds from the Payment Certificate Distribution Account solely for the purpose of making the Distributions distributions referred to above. The Administrative Trustees Owner Trustee may revoke such power and remove the Paying Agent if the Owner Trustee determines in their its sole discretion. Any Person acting as discretion that the Paying Agent shall have failed to perform its obligations under this Agreement in any material respect. The Paying Agent shall initially be The Chase Manhattan Bank, and any co-paying agent chosen by The Chase Manhattan Bank, and acceptable to the Owner Trustee. The Chase Manhattan Bank shall be permitted to resign as Paying Agent upon thirty (30) 30 days’ ' written notice to the Administrative Trustees and the Property Owner Trustee. If In the Property Trustee event that The Chase Manhattan Bank shall no longer be the Paying Agent or a successor Paying Agent shall resign or its authority to act be revokedAgent, the Administrative Trustees Owner Trustee shall appoint a successor to act as Paying Agent (which shall be a bank or trust company) to act as ). The Owner Trustee shall cause such successor Paying Agent. Such successor Agent or any additional Paying Agent appointed by the Administrative Trustees shall Owner Trustee to execute and deliver to the Trustees Owner Trustee an instrument in which such successor Paying Agent or additional Paying Agent shall agree with the Trustees Owner Trustee that as Paying Agent, such successor Paying Agent or additional Paying Agent will hold all sums, if any, held by it for payment to the Subordinated Interest Holders and the Holder of the Residual Certificate in trust for the benefit of the such Holders entitled thereto until such sums shall be paid to such Holders. The Paying Agent shall return all unclaimed funds to the Property Owner Trustee and upon removal of a Paying Agent such Paying Agent shall also return all funds in its possession to the Property Owner Trustee. The provisions of Article VIII SECTIONS 7.01, 7.03, 7.04 and 8.01 shall apply to the Property Owner Trustee also in its role as Paying Agent, for so long as the Property Owner Trustee shall act as Paying Agent and, to the extent applicable, to any other Paying Agent paying agent appointed hereunder. Any reference in this Trust Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise.
Appears in 1 contract
Samples: Trust Agreement (Caterpillar Financial Funding Corp)
Appointment of Paying Agents. The Property Trustee is appointed as the initial Paying Agent shall initially be the Property Trusteeand hereby accepts such appointment. The Paying Agent shall make Distributions to Holders from the Payment Account and shall report the amounts of such Distributions to the Property Trustee and the Administrative Trustees. Any Paying Agent shall have the revocable power to withdraw funds from the Payment Account solely for the purpose of making the Distributions referred to above. The Administrative Trustees may revoke such power and remove the Paying Agent in their sole discretion. Any Person acting as Paying Agent shall be permitted to resign as Paying Agent upon thirty (30) days’ ' written notice to the Administrative Trustees and the Property Trustee. If the Property Trustee shall no longer be the Paying Agent or a successor Paying Agent shall resign or its authority to act be revoked, the Administrative Trustees shall appoint a successor (which shall be a bank or trust company) to act as Paying Agent. Such successor Paying Agent appointed by the Administrative Trustees shall execute and deliver to the Trustees an instrument in which such successor Paying Agent shall agree with the Trustees that as Paying Agent, such successor Paying Agent will hold all sums, if any, held by it for payment to the Holders in trust for the benefit of the Holders entitled thereto until such sums shall be paid to such Holders. The Paying Agent shall return all unclaimed funds to the Property Trustee and upon removal of a Paying Agent such Paying Agent shall also return all funds in its possession to the Property Trustee. The provisions of Article ------- VIII shall apply to the Property Trustee also in its role as Paying Agent, for ---- so long as the Property Trustee shall act as Paying Agent and, to the extent applicable, to any other Paying Agent appointed hereunder. Any reference in this Trust Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise.
Appears in 1 contract
Samples: Trust Agreement (First Banks, Inc)
Appointment of Paying Agents. The Property Trustee is hereby appointed as the initial Paying Agent shall initially be and the Property TrusteeTrustee hereby accepts such appointment. The Paying Agent shall make Distributions to Holders from the Payment Account and shall report the amounts of such Distributions and the names of such Holders to the Property Trustee and the Administrative Trustees. Any Paying Agent shall have the revocable power to withdraw funds from the Payment Account solely for the purpose of making the Distributions referred to above. The Administrative Trustees may revoke such power and remove the Paying Agent in their sole discretion. Any Person acting as Paying Agent shall be permitted to resign as Paying Agent upon thirty (30) days’ written notice to the Administrative Trustees and the Property Trustee. If the Property Trustee shall no longer be the Paying Agent or a successor Paying Agent shall resign or its authority to act be revoked, the Administrative Trustees shall appoint a successor (which shall be a bank or trust company) to act as Paying Agent. Such successor Paying Agent appointed by the Administrative Trustees shall execute and deliver to the Trustees an instrument in which such successor Paying Agent shall agree with the Trustees that as Paying Agent, such successor Paying Agent will hold all sums, if any, held by it for payment to the Holders in trust for the benefit of the Holders entitled thereto until such sums shall be paid to such Holders. The Paying Agent shall return all unclaimed funds to the Property Trustee and upon removal of a Paying Agent such Paying Agent shall also return all funds in its possession to the Property Trustee. The provisions of Article VIII shall apply to the Property Trustee also in its role as Paying Agent, for so long as the Property Trustee shall act as Paying Agent and, to the extent applicable, to any other Paying Agent appointed hereunder. Any reference in this Trust Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise. For avoidance of doubt, the Depositor shall not be permitted to appoint itself or any Affiliate as a Paying Agent hereunder.
Appears in 1 contract
Appointment of Paying Agents. The Paying Agent shall initially be the Property Trustee. The Paying Agent shall make Distributions to Holders from the Payment Account and shall report the amounts of such Distributions to the Property Trustee and the Administrative Trustees. Any Paying Agent shall have the revocable power to withdraw funds from the Payment Account solely for the purpose of making the Distributions referred to above. The Administrative Trustees may revoke such power and remove the Paying Agent in their sole discretion. Any Person acting as Paying Agent shall be permitted to resign as Paying Agent upon thirty (30) days’ written notice to the Administrative Trustees and the Property Trustee. If the Property Trustee shall no longer be the Paying Agent or a successor Paying Agent shall resign or its authority to act be revoked, the Administrative Trustees shall appoint a successor (which shall be a bank or trust company) to act as Paying Agent. Such successor Paying Agent appointed by the Administrative Trustees shall execute and deliver to the Trustees an instrument in which such successor Paying Agent shall agree with the Trustees that as Paying Agent, such successor Paying Agent will hold all sums, if any, held by it for payment to the Holders in trust for the benefit of the Holders entitled thereto until such sums shall be paid to such Holders. The Paying Agent shall return all unclaimed funds to the Property Trustee and upon removal of a Paying Agent such Paying Agent shall also return all funds in its possession to the Property Trustee. The provisions of Article VIII shall apply to the Property Trustee also in its role as Paying Agent, for so long as the Property Trustee shall act as Paying Agent and, to the extent applicable, to any other Paying Agent appointed hereunder. Any reference in this Trust Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise. For the avoidance of doubt, the Company shall not be permitted to appoint itself or any Affiliate as a Paying Agent hereunder.
Appears in 1 contract
Appointment of Paying Agents. The Property Trustee is hereby appointed as the initial Paying Agent shall initially be and the Property TrusteeTrustee hereby accepts such appointment. The Paying Agent shall make Distributions to Holders from the Payment Account and shall report the amounts of such Distributions to the Property Trustee and the Administrative Trustees. Any Paying Agent shall have the revocable power to withdraw funds from the Payment Account solely for the purpose of making the Distributions referred to above. The Administrative Trustees may revoke such power and remove the Paying Agent in their sole discretion. Any Person acting as Paying Agent shall be permitted to resign as Paying Agent upon thirty (30) days’ written notice to the Administrative Trustees and the Property Trustee. If the Property Trustee shall no longer be the Paying Agent or a successor Paying Agent shall resign or its authority to act be revoked, the Administrative Trustees shall appoint a successor (which shall be a bank or trust company) to act as Paying Agent. Such successor Paying Agent appointed by the Administrative Trustees shall execute and deliver to the Trustees an instrument in which such successor Paying Agent shall agree with the Trustees that as Paying Agent, such successor Paying Agent will hold all sums, if any, held by it for payment to the Holders in trust for the benefit of the Holders entitled thereto until such sums shall be paid to such Holders. The Paying Agent shall return all unclaimed funds to the Property Trustee and upon removal of a Paying Agent such Paying Agent shall also return all funds in its possession to the Property Trustee. The provisions of Article VIII shall apply to the Property Trustee also in its role as Paying Agent, for so long as the Property Trustee shall act as Paying Agent and, to the extent applicable, to any other Paying Agent appointed hereunder. Any reference in this Trust Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise.
Appears in 1 contract
Appointment of Paying Agents. The Property Trustee is appointed as the initial Paying Agent shall initially be the Property Trusteeand hereby accepts such appointment. The Paying Agent shall make Distributions to Holders from the Payment Account and shall report the amounts of such Distributions to the Property Trustee and the Administrative Trustees. Any Paying Agent shall have the revocable power to withdraw funds from the Payment Account solely for the purpose of making the Distributions referred to above. The Administrative Trustees may revoke such power and remove the Paying Agent in their sole discretion. Any Person acting as Paying Agent shall be permitted to resign as Paying Agent upon thirty (30) days’ written notice to the Administrative Trustees and the Property Trustee. If the Property Trustee shall no longer be the Paying Agent or a successor Paying Agent shall resign or its authority to act be revoked, the Administrative Trustees shall appoint a successor (which shall be a bank or trust company) to act as Paying Agent. Such successor Paying Agent appointed by the Administrative Trustees shall execute and deliver to the Trustees an instrument in which such successor Paying Agent shall agree with the Trustees that as Paying Agent, such successor Paying Agent will hold all sums, if any, held by it for payment to the Holders in trust for the benefit of the Holders entitled thereto until such sums shall be paid to such Holders. The Paying Agent shall return all unclaimed funds to the Property Trustee and upon removal of a Paying Agent such Paying Agent shall also return all funds in its possession to the Property Trustee. The provisions of Article VIII shall apply to the Property Trustee also in its role as Paying Agent, for so long as the Property Trustee shall act as Paying Agent and, to the extent applicable, to any other Paying Agent appointed hereunder. Any reference in this Trust Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise.. [TPW: NYLEGAL:665345.3] 20965-00009 07/20/2007 07:46 PM
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Appointment of Paying Agents. The Property Trustee is hereby appointed as the initial Paying Agent shall initially be and the Property TrusteeTrustee hereby accepts such appointment. The Paying Agent shall make Distributions to Holders from the Payment Account and shall report the amounts of such Distributions and the names of such Holders to the Property Trustee and the Administrative Trustees. Any Paying Agent shall have the revocable power to withdraw funds from the Payment Account solely for the purpose of making the Distributions referred to above. The Administrative Trustees may revoke such power and remove the Paying Agent in their sole discretion. Any Person acting as Paying Agent shall be permitted to resign as Paying Agent upon thirty (30) days’ written notice to the Administrative Trustees and the Property Trustee. If the Property Trustee shall no longer be the Paying Agent or a successor Paying Agent shall resign or its authority to act be revoked, the Administrative Trustees shall appoint a successor (which shall be a bank or trust company) to act as Paying Agent. Such successor Paying Agent appointed by the Administrative Trustees shall execute and deliver to the Trustees an instrument in which such successor Paying Agent shall agree with the Trustees that as Paying Agent, such successor Paying Agent will hold all sums, if any, held by it for payment to the Holders in trust for the benefit of the Holders entitled thereto until such sums shall be paid to such Holders. The Paying Agent shall return all unclaimed funds to the Property Trustee and upon removal of a Paying Agent such Paying Agent shall also return all funds in its possession to the Property Trustee. The provisions of Article VIII shall apply to the Property Trustee also in its role as Paying Agent, for so long as the Property Trustee shall act as Paying Agent and, to the extent applicable, to any other Paying Agent appointed hereunder. Any reference in this Trust Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise.
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Appointment of Paying Agents. The Paying Agent shall initially be the Property Trustee. The Paying Agent or Agents shall make Distributions to Holders from the Payment Account and shall report the amounts of such Distributions to the Property Trustee and the Administrative Trustees. Any Paying Agent shall have the revocable power to withdraw funds from the Payment Account solely for the purpose of making the Distributions referred to above. The Administrative Trustees may revoke such power and remove the Paying Agent in their sole discretion. The Paying Agent shall initially be The Bank of New York. Any Person acting as Paying Agent shall be permitted to resign as Paying Agent upon thirty (30) 30 days’ ' written notice to the Administrative Trustees and the Property Trustee. If the Property Trustee The Bank of New York shall no longer be the Paying Agent or a successor Paying Agent shall resign or its authority to act be revoked, the Administrative Trustees shall appoint a successor (which shall be a bank or trust company) that is reasonably acceptable to the Depositor to act as Paying Agent. Such successor Paying Agent or any additional Paying Agent appointed by the Administrative Trustees shall execute and deliver to the Issuer Trustees an instrument in which such successor Paying Agent or additional Paying Agent shall agree with the Issuer Trustees that as Paying Agent, such successor Paying Agent or additional Paying Agent will hold all sums, if any, held by it for payment to the Holders in trust for the benefit of the Holders entitled thereto until such sums shall be paid to such Holders. The Paying Agent shall return all unclaimed funds to the Property Trustee and upon removal of a Paying Agent such Paying Agent shall also return all funds in its possession to the Property Trustee. The provisions of Article VIII shall apply to the Property Trustee also in its role as Paying Agent, for so long as the Property Trustee shall act as Paying Agent and, to the extent applicable, to any other Paying Agent appointed hereunder. Any reference in this Trust Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise.such
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